Chief Economist, Heteronomics

Phil Rush

Philip Rush is the Founder and Chief Economist of Heteronomics. Until launching in November 2016, he was Nomura's Senior European Economist and was the Chief UK Economist there since 2010. Before that, he was UK Economist at Barclays Wealth, where he also developed strategic asset allocation models for their market return portfolios. Philip started his career at Lehman Brothers covering the UK, Scandinavian and Swiss economies. A book on his fundamental framework was published in January 2018 as "Real Market Economics".

Chief Economist

Policy Rates Feeling for a Higher Neutral

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul>
<li>The shrinking UK labour market drove another 11bps decline in the unemployment rate to 3.8% in Feb-22. Average hours are continuing to rebound rather than headcount.</li>
<li>People over 50 are voluntarily leaving work with little interest in returning, which makes it unlikely they will be available to fulfil high business demand for labour.</li>
<li>Wage growth is failing to keep pace with excessive inflation. The squeeze is most intense for lower-income workers who are typically most likely to spend income.</li>
</ul>


The shrinking UK labour market drove another 11bps decline in the unemployment rate to 3.8% in Feb-22. Average hours are continuing to rebound rather than headcount.
People over 50 are voluntarily leaving work with little interest in returning, which makes it unlikely they will be available to fulfil high business demand for labour.
Wage growth is failing to keep pace with excessive inflation. The squeeze is most intense for lower-income workers who are typically most likely to spend income.


UK: More For Less In Work